Nearly a third of Britons plan to cash in on the value of their home to help see them through retirement, Birmingham Midshires research shows.

Nearly a third of Britons plan to cash in on the value of their home to help see them through retirement, Birmingham Midshires research shows.

A total of 16pc said they planned to release equity from their property to supplement their income when they retired, while 14pc plan to move to a smaller house.

More than one in 10 plan to move abroad when they retire, in many cases because they think their money will go further. Just 7pc of people said they were prepared to cut back on luxuries during retirement.

Most also rejected relying on their children, only 2pc plannedto move in with their offspring and one in 50 would borrow money from their children.

Richard Brown, marketing product manager at Birmingham Midshires, said: "With property prices rising in the last few years, people are clearly looking to the capital in their home to provide extra income for retirement.

"But people should not rely on property alone.

"A fall in house prices could be devastating for those without other savings to fall back on."